Last week, President Biden unveiled the details of his $2 Trillion proposal to rebuild the country’s infrastructure in order to reshape the American economy. The infrastructure plan would see to the badly needed repairs of 10,000 bridges and the construction of 20,000 miles of roads, firsts and foremost.
Biden also mentioned that the provisions would enhance internet service, improve the quality of drinking water, shorten commute times, and even out wages. Gradual completions of the plan will enable corporations to increase their revenues, which in turn, will generate more . At the same time, projects will roll out to address racial inequities and to curb the detrimental effects of climate change..
Many were impressed at the extent of Biden’s proposal as it highlighted his use of the opportunity to address long-established economic and social challenges. White House officials reiterated that federal spending and tax credits will be utilized in:
- Rebuilding 20,000 miles of roads, and repairing 10,000 bridges; all of which have the most economic significance;
- Eliminating lead pipes used in providing the country’s water supplies;
- Creating millions of jobs for American citizens through an assortment of infrastructure construction projects; and
- Reinforcing competitiveness among American citizens in the long haul.
The proposed infrastructure plan also aims to address climate change by speeding up the process of shifting into cleaner energy sources, which would aid in encouraging racial equality.
The funding of the projects would generated through an increase in corporate tax credits that will remain in effective for 15 years. Not only will this strategy fund the plan, but it would also induce multinationals that book their earnings and profits in other countries. The improved infrastructures and tax credits would nudge companies to produce and invest locally. .
Pres. Biden Still Making an Appeal for Bipartisan Support
President Biden is still making calls for support from both Republican and Democratic lawmakers in Congress, even though Republicans have already been mentioning their opposition to the plan.
Biden described the program as the largest American jobs investment ever since the last World War, it would take only a span of eight years to complete. The projected 15-year period within which tax revenues will increase would be more than enough to offset the spending. Furthermore, the increase would eventually reduce government’s budget deficits.